Okea Asa · OSL:OKEA
Okea Asa — Debt Investor Presentation (June 2025)
31 slides from Okea Asa's debt investor presentation, Jun 10, 2025
Slide 1: OKEA ASA Credit investor update
OKEA ASA Credit investor update 10 June 2025
Slide 2: Forward looking information
Forward looking information This presentation contains certain statements and information that constitutes "forward-looking information” and relates to future events, including the Company’s future performance, business prospects or opportunities. Forward-looking information is generally identifiabl
Slide 3: Table of contents
Table of contents 1 Company and business 2 Financials 3 Appendix
Slide 4: OKEA at a glance – a leading independent NCS E&P
OKEA at a glance – a leading independent NCS E&P Introduction Key figures Core assets > Founded in 2015 and listed on the Oslo Stock Exchange since June 2019 34 kboepd 9 > Repeat and successful bond issuer since 2017 Q1 2025 production Producing fields Draugen > Headquartered in Trondheim, operation
Slide 5: Continued strong performance since last bond issue
Continued strong performance since last bond issue ✓ Strong operational performance, delivering 91% production efficiency with 34 kboepd net production Q1 2025 ✓ Material Q1 2025 LTM EBITDA of USD 667m, up 12% compared to Q1 2024 LTM EBITDA, providing strong operational cash flow ✓ Key development p
Slide 6: Delivering on growth strategy while maintaining low leverage
Delivering on growth strategy while maintaining low leverage 2.0x Production (kboepd)1 Leverage ratio2 35 36 28-32 21 16 16 0.5x 0.3x 0.2x 0.1x 2020 2021 2022 2023 2024 2025E 3 producing fields 4 producing fields 6 producing fields 10 producing fields 9 producing fields 9 producing fields End-2021 -
Slide 7: Strategy underpinned by three core pillars
Strategy underpinned by three core pillars Profitable growth Value creation Capital discipline > Pursuing accretive organic and > Continuously working for value > Maintaining financial flexibility and inorganic growth initiatives maximisation in existing portfolio robust balance sheet > Strategy foc
Slide 8: Track record of value creating through active ownership
Track record of value creating through active ownership Brage Draugen 40 Production (gross, kboepd) Production (gross, kboepd) 50 45 30 41 40 38 30 34 23 32 19 30 27 20 23 24 17 16 16 16 21 20 21 21 12 12 14 20 17 11 11 16 15 15 9 9 9 10 7 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 9: Ongoing development projects progressing well
Ongoing development projects progressing well Draugen Power from Shore Bestla Key gross figures Key gross figures Brage platform ~95% CO2e reduction1 24 mmboe recoverable Njord Draugen reserves ~1.3 kboe/day available USD ~40/boe for exports breakeven (NPV10) Improved production Subsea USD ~600m CAP
Slide 10: Continuously working to maximise value of the asset base
Continuously working to maximise value of the asset base Asset/Area Operator 2025 2026 2027 2028 GWS drilling Draugen Power from shore Appraisal campaign and infill/sidetrack maturation Brage / Bestla Infill drilling Infill drilling Bestla Bestla drilling Topside modifications for Bestla prod. start
Slide 11: Delivering robust and profitable growth
Delivering robust and profitable growth Key growth levers Net production outlook from current portfolio (kboepd)1 Base production Actively pursue further value creation in producing assets and maximising potential of asset base through i.a. life extensions, Improved Oil Recovery (“IOR”), cost reduct
Slide 12: Table of contents
Table of contents 1 Company and business 2 Financials 3 Appendix
Slide 13: Prudent financial strategy and capital allocation framework
Prudent financial strategy and capital allocation framework Conservative Financial Balanced capital financial Robust portfolio flexibility allocation management > Prudent leverage through the > Maintain robust liquidity at all > Diversification across assets, type > Track record of deleveraging and
Slide 14: Sustained track record of robust financial performance
Sustained track record of robust financial performance Annual production (kboepd)1 Reported EBITDA (USDm) 35.4 36.0 690 667 34.2 546 498 21.0 18.7 16.1 15.5 301 187 92 2019 2020 2021 2022 2023 2024 Q1 25 2019 2020 2021 2022 2023 2024 LTM Q1 25 Free cash flow (USDm)2 Reported interest-bearing debt le
Slide 15: Maintaining a robust balance sheet through investment phase
Maintaining a robust balance sheet through investment phase Conservative financing and liquidity management Leverage ratio development1 > Demonstrated consistent deleveraging in recent years Net tax payable (USDm) NIBD (USDm) Leverage Ratio (x, RHS) 250 2.4 2.5 > Strong cash generation from robust a
Slide 16: No changes to Q1 2025 outlook and guidance
No changes to Q1 2025 outlook and guidance Production guidance Production > Production guidance for 2025 of 28 – 32 kboepd > Production guidance for 2026 of 26 – 30 kboepd Capex guidance > Capex guidance for 2025 of USD 310 - 350 million Capex > Capex guidance for 2026 of USD 300 - 360 million (does
Slide 17: Table of contents
Table of contents 1 Company and business 2 Financials 3 Appendix
Slide 18: Income statement
Income statement Q1 2025 figures Q1 2025 comments Amounts in USD million Q1 2025 Q4 2024 Q1 2024 2024 > Operating income of USD 271 million; USD 266 million from sale of petroleum products Total operating income 271 205 330 1,050 > Production expenses of USD 62 million; corresponding to 18.6 USD/boe
Slide 19: Statement of financial position
Statement of financial position Q1 2025 figures Q1 2025 comments Amounts in USD million 31.03.2025 31.12.2024 31.03.2024 > Goodwill of USD 140 million; of which technical ASSETS goodwill of USD 125 million and ordinary goodwill of USD 15 million Goodwill 140 142 190 Oil and gas properties 659 597 66
Slide 20: Cash development Q1 2025
Cash development Q1 2025 USDm -50 185 -100 367 23 -24 343 4 -6 311 Total cash 01.01. Operating Taxes Capital Business Interest Other Total cash 31.03. Placement in Cash and cash activities expenditures development money- equivialents & exploration market funds 31.03. 20
Slide 21: Key transactions, deferred and contingent payments
Key transactions, deferred and contingent payments Statfjord acquisition – Key terms Yme divestment – Key terms > OKEA acquired a 28.00% WI in PL037 Statfjord area from Equinor Energy AS (SPA signed 19 > In September 2024, OKEA entered into an agreement with Lime Petroleum AS (“Lime”) to sell March
Slide 22: Asset retirement obligations
Asset retirement obligations Draugen and Gjøa (Norske Shell transaction, Nov 2018) PL037 Statfjord area (Equinor transaction, Dec 2023) > Seller covers abandonment and removal cost for equipment installed as of completion of the > Seller retains responsibility for decommissioning/removal of the Stat
Slide 23: Overview of material contracts and agreements
Overview of material contracts and agreements Oil and gas sales Other material contracts > Crude Oil is sold on term contracts (yearly and multi-year) where underlying benchmark is > Joint Operating Agreement (JOA): The Company has several production licences on the NCS in Dated Brent various stages
Slide 24: Firm and ambitious target of 30% CO2 emission reductions by 2030
Firm and ambitious target of 30% CO2 emission reductions by 2030 Performance highlights Power from Shore: 95% reduction in CO2 intensity from Draugen by 2030 vs 2019 baseline A+ Key considerations Overview of development solution for electrification (Draugen and Njord) classification from Position G
Slide 25: Summary of reserves and resources per YE 2024
Summary of reserves and resources per YE 2024 1P/P90 (Low estimate, mmboe) 2P/P50 (Base estimate, mmboe) Asset/Project OKEA WI Gross Oil Gross NGL Gross Gas Net OE Gross Oil Gross NGL Gross Gas Net OE Reserves – On Production Brage 35.2% 4.9 0.1 0.3 1.9 6.5 0.2 0.7 2.6 Draugen 44.6% 44.2 3.9 6.4 24.
Slide 26: Introduction to the Norwegian petroleum tax system
Introduction to the Norwegian petroleum tax system 78% total cost recovery on investments with majority recouped in year of investment Summary of the Norwegian petroleum tax system Tax balances and values net to OKEA • NCS petroleum taxation based on taxation of net profit with ordinary corporate ta
Slide 27: Introduction to technical goodwill
Introduction to technical goodwill Description and effects Illustrative example > Whilst ordinary goodwill represents any excess Consideration (after tax) 100 consideration paid in an M&A transaction exceeding fair Delta between consideration and fair value value of net assets, technical goodwill ar
Slide 28: Highly experienced executive management team…
Highly experienced executive management team… Svein J. Liknes Birte Norheim Chief Executive Officer Chief Financial Officer Børge Nerland Børge Nerland Knut Gjertsen Ida lanssen Lundh SVP SVP || Drilling drilling& Wells & wells SVP | Projects & Technology SVP | Subsurface Espen Myhra Tor Bjerkestran
Slide 29: … supported by Board of Directors with strong expertise
… supported by Board of Directors with strong expertise Mike Fischer Rune Olav Pedersen Nicola Gordon Jon Arnt Jacobsen Phatpuree Chinkulkitnivat Deputy Chair Board member Board member Board member Board member Non-executive Independent, non-executive Independent, non-executive Independent, non-exec
Slide 30: Shareholder overview
Shareholder overview Rank Investor Geography Type % Shares 1 BCPR PTE. LTD. Thailand Ordinary 45.58% 47,362,377 2 CLEARSTREAM BANKING S.A. Luxembourg Nominee 3.52% 3,659,112 3 UBS AG United Kingdom Nominee 1.72% 1,782,145 4 MATHIASSEN Norway Ordinary 1.31% 1,360,000 5 NORDNET LIVSFORSIKRING AS Norwa
Slide 31: www.okea.no
www.okea.no